Crypto Race In South Korea Gets Intense; SK Square To Invest $1.6B In Blockchain Technology
SK Square CEO Park Jung-ho on Monday announced considering $1.6 billion investments for merger and acquisition deals in the semiconductor chips and blockchain technology sectors. The SK Square CEO, who is also Co-CEO of chipmaker SK Hynix, has revealed the investment roadmap for chips, blockchain, and digital assets over the next three years.
SK Square Unveils Investment Roadmap
The South Korean investment management company SK Square, at its general shareholder meeting on March 28, announced plans to invest $1.6 billion over the next three years. In addition, the company will consider joint investment proposals from domestic and foreign investors in the growing and ever-demanding market of chips, blockchain, and others.
For investing in the semiconductor chip business, the company plans to consider merger and acquisition deals in the U.S. and Japan semiconductor industry. SK Square is open to investing in big as well as small companies in the sector.
SK Square has already invested massively in the semiconductor industry. The company acquired SK Hynix in 2012 and is currently holding a majority stake of 20.10%. Moreover, it acquired Intel’s NAND memory and solid-state drive business for $9 billion in 2021 through its subsidiary SK Hynix.
Furthermore, SK Square is seeking investments in the burgeoning areas of blockchain and digital assets.
The company disclosed goals of launching a white paper explaining the elements and property of its digital currency before June and official launch its cryptocurrency before the third quarter.
Commenting on the investments in semiconductor chips and blockchain technology, Park Jung-ho said:
“This will mark the first year when SK Square creates new shareholder value by investing in chips and blockchain, the fields that we are familiar with and we see a high growth potential.”
SK Square Leading the Crypto Race
South Korean conglomerates including SK Square, LG, and Samsung are at the forefront in increasing their presence in the crypto, blockchain, and NFT markets. SK Square has invested actively in the industry, with strategic collaboration in crypto exchange Korbit, Kakao-backed virtual human maker Onmind, among others.
With the fresh investments, SK Square looks to further push capital into crypto and bitcoin mining, expand blockchain technology solutions, and promote its upcoming digital currency.
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